Minnesota Lawful Gambling Tax Instructions Booklet - Minnesota Department Of Revenue Page 12
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13Annual Certified Physical Inventory and Cash
Count and Annual Financial Audit
Annual Certified Physical
Form CC, Annual Certified Cash Count by
Requesting an Extension
If the certified physical inventory and cash
Site. Use this form to record the cash count
Inventory and Cash Count
count cannot be completed at the fiscal
for each site. Use a separate form for each
All licensed organizations are required to
year end, the organization’s CEO, gambling
site.
conduct an annual certified physical inven-
manager or accountant hired to perform the
The certified cash count must be con-
tory and cash count at the end of its fiscal
certified physical inventory and cash count
ducted by either two members, officers or
year. This must be taken on the last day of
must request an extension via email, fax or
employees of the organization who have
the organization’s fiscal year at the close of
mail.
been appointed by the organization’s board
business or the first day of the new fiscal
If an extension is granted, it will be allowed
and are not directly involved in the organi-
year before the start of business.
to the last day of the following month — the
zation’s gambling operation or by an inde-
The following forms must be used:
certified physical inventory and cash count
pendent certified public accountant (CPA).
must be taken at month’s end.
Form INV, Annual Certified Physical
Part 1 must be completed and the form
Inventory by Site. Use this form to record
signed by these two individuals or a CPA.
Annual Financial Audit
the site inventory of games in play and
Observance of the game audits must also
unplayed games. Use a separate form for
If your gross receipts from gambling are
be done by these two individuals or a CPA.
each site.
$750,000 or more, you must have an annual
The audit of the games and the completion
audit completed of your gambling activities
The certified physical inventory must be
of Parts 2 and 3 may be done by a member
(see Minnesota Rule 8122).
involved in the organization’s gambling
conducted by either two members, officers
operation.
or employees of the organization who have
If your gross receipts from gambling are less
been appointed by the organization’s board
than $750,000, you are not required to have
Form CI, Annual Certified Physical
and are not directly involved in the organi-
an audit completed.
Inventory and Cash Count Summary. Use
zation’s gambling operation or by an inde-
this form to record the total cost of ending
Requesting an Extension
pendent certified public accountant (CPA).
inventory and start bank for all sites. This
If the audit cannot be completed by the due
Part 1 must be completed and the form
summarization of the physical inventory
date (six months after the end of the fiscal
signed by these two individuals or a CPA.
and cash count must be completed and
year), the organization’s CEO, gambling
Note: Raffle boards in inventory must be
signed by the gambling manager and the
manager or accountant hired to perform the
CEO.
audit must request an extension.
listed on part 1 of Form INV.
The recording of the game cost, the listing
of inventory of bingo paper and raffles and
the completion of Parts 2 and 3 may be
done by a member involved in the organiza-
tion’s gambling operation.
Note: Your fiscal year is the time period used for filing federal Form 990 or 990T.
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